A. FIRM DESCRIPTION MA Asset Management, LLC (formerly known as Blue Elephant Capital Management, LLC (“MA Asset Management” or the “Firm”) is organized as a Delaware limited liability company that was founded in 2013. MA Asset Management’s current business activities consist of providing investment advisory services to a group of privately offered, pooled investment vehicles that each make private credit investments. MA Asset Management is wholly owned by MA Financial Group Ltd. (“MA Financial Group”). Ashees Jain and Joseph P. Marra serve as the Elected Managers of MA Asset Management (the “Elected Managers”). The Elected Managers are the controlling managers of MA Asset Management. Paul Grady serves as the Firm’s Chief Financial Officer and Chief Compliance Officer. Kent MacWilliams is employed by the Firm as an Elected Manager. B. TYPES OF ADVISORY SERVICES MA Asset Management provides investment advisory services and serves as the discretionary investment manager of Blue Elephant Specialty Finance Fund, LP, a Delaware limited partnership (the “Specialty Finance Fund”); Blue Elephant Offshore Specialty Finance Fund, Ltd., a Cayman Islands exempted company (the “Offshore Specialty Finance Fund”); Blue Elephant Equipment Preferred Fund, LP, a Delaware limited Partnership (the "Equipment Fund"); and Blue Elephant Medical Device Fund LP, a Delaware limited partnership (the “Medical Device Fund”) (each, of the Specialty Finance Fund, the Offshore Specialty Finance Fund, the Equipment Fund, and the Medical Device Fund. are referred to herein as a “Fund” and together, as the “Funds”). The Funds invest their assets in securities according to MA Asset Management’s proprietary, private credit oriented investment strategies. As the investment manager to the Funds, MA Asset Management is responsible for: (a) the formulation and implementation of the Funds’ investment strategies; (b) evaluating and monitoring investments made by the Funds; and, (c) making all investment decisions for the Funds. MA Partners US, LLC (formerly known as Blue Elephant Partners, LLC) (“MA Partners US”), an affiliate of MA Asset Management, acts as the general partner of the Specialty Finance Fund. As general partner, MA Partners US is ultimately responsible for the management of the Specialty Finance Fund and the Equipment Fund. Investors in the Specialty Finance Fund, Equipment Fund, and Medical Device Fund are limited partners (“Limited Partners”). Limited Partners must generally be “accredited investors” as defined in Regulation D under the Securities Act of 1933. Investors in the Offshore Specialty Finance Fund are shareholders (“Shareholders”). Shareholders generally must be either non-U.S. Persons or permitted U.S. persons. A “Permitted U.S. Person” is a tax-exempt U.S. person or an entity in which substantially all of the ownership interests are held by tax-exempt U.S. persons, although certain taxable U.S. persons may be permitted as Shareholders. As noted, MA Asset Management is retained by each Fund to act as such Fund’s discretionary investment adviser. The specific terms and conditions applicable to the Funds, as well as each Fund’s investment focus, investment guidelines, and investment restrictions,

if any, are described in the confidential private placement memorandum or confidential explanatory memorandum (each a “Memorandum”) applicable to each Fund. This document is neither an offer to sell nor a solicitation of an offer to buy interests in or shares of either Fund. Such an investment may be made only after receipt and review of the applicable Memorandum. Upon request to MA Asset Management, a copy of each Memorandum is available to persons meeting applicable investor eligibility criteria. Each Memorandum contains important information concerning risk factors and other material aspects of the applicable Fund(s) and must be read carefully before any decision whether to invest is made. The information in this document is qualified in its entirety by, and should be read in conjunction with, the information contained in each Fund’s Memorandum. Access to MA Asset Management’s loan origination and management services expertise is also available through an advisory portfolio services program managed by an affiliated investment advisory firm. The advisory portfolio services (the “Sub-Advisor Services”) include the provision to identify, investigate, research, and analyze potential investments, as well as proposed periodic updates to the asset composition and divestment opportunities and other appropriate actions with regards to the construction of the portfolio. As the investment adviser to advisory portfolios, the Firm is paid to recommend day-to-day portfolio strategy, while a separate fund manager (the “Fund Manager”) retains final discretion to implement the advisory strategy. The Fund Manager manages all trading and administrative aspects of fund account management. Fees and brokerage arrangements for advisory portfolio services differ from more traditional asset management, as described in Items 5 and 6 of this Brochure. C. TAILORED RELATIONSHIPS MA Asset Management provides investment advisory services to the Funds based on the investment objectives of the Funds. MA Asset Management does not provide tailored investment advice to the Limited Partners or Shareholders in the Funds. D. WRAP FEE PROGRAMS Wrap Fee Programs are arrangements between broker-dealers, investment advisers, banks and other financial institutions and affiliated and unaffiliated investment advisers through which the Clients of such firms receive discretionary investment advisory, execution, clearing and custodial services in a “bundled” form. In exchange for these “bundled” services, the Clients pay an all-inclusive (or “wrap”) fee determined as a percentage of the assets held in the wrap account. MA Asset Management does not participate in and is not a sponsor of any wrap fee program. E. ASSETS UNDER MANAGEMENT When calculating regulatory assets under management, an investment adviser must include the value of any private fund over which it exercises continuous and regular supervisory or management services. MA Asset Management manages a total of $180,603,010 in client assets on a discretionary basis. This Asset under Management figure is based on calculations as of December 31, 2023.